Juniper Research predicts 146 billion digital records will be stolen by 2023
The number of digital records stolen by cybercriminals will increase by 175 percent from 12 billion in 2018 to 33 billion in 2023, with 146 billion records lost over the cumulative period, according to a new report from Juniper Research.
“The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Leading Vendors 2018-2023” indicates that despite strong cybersecurity and authentication mandates from regulations such as GDPR and PSD2, the average level of cybersecurity spending will remain relatively flat. Despite making up 99 percent of businesses, small businesses represent only 13 percent of cybersecurity market spending in 2018, with an average of only $500 a year, and many companies using consumer-grade products. Those that digitize will be vulnerable to newer forms of malware if they have only endpoint protection, Juniper warns.
“Juniper’s strategic analysis of 48 leading cybersecurity companies shows that AI and predictive analytics are now table stakes for this market,” remarked research author James Moar. “These technologies need to be made available to all businesses, regardless of size.”
The disparate range of institutions and regulations dealing with data from national and international consumers and businesses in the U.S. will make the country an even more prominent target over the next five years, with more than half of all data breaches expected to occur there by 2023.
A large majority of cybersecurity professionals surveyed by Black Hat admitted it may be impossible to protect privacy and personal identity, with concerns including sharing data on social media, and state-backed cyber attacks.